Statement re Gulfsands Receives Approval to Develop Yousefieh Oil Field
08:05 26.01.10
Immediate 26 January Release 2010 GULFSANDS PETROLEUM PLC Gulfsands Receives Approval to Develop Yousefieh Oil Field London, 26th January 2010: Gulfsands Petroleum plc ("Gulfsands", the "Group" orthe "Company" - AIM: GPX), the oil and gas production, exploration anddevelopment company with activities in Syria, Iraq, and the U.S.A., is pleasedto provide the following update on the Company's operations at Block 26, Syriawhere Gulfsands holds a 50% interest and acts as operator. Application to Develop the Yousefieh Oil Field Granted by Syrian Authorities Discovery of oil at Yousefieh-1, located approximately 3 kilometres east of theKhurbet East Field, was made in November 2008, with two subsequent appraisalwells being drilled in 2009. Gulfsands has now received confirmation from Syria's General PetroleumCorporation that Gulfsands Petroleum Syria Limited has been granted permissionto develop the Yousefieh Oil Field accumulation in Block 26 North East Syria. Aproduction licence of 25 years duration has been granted, with the possibilityof an extension if required, for a further 10 years. The Yousefieh Field was assessed at the end of 2008 as containing gross provedplus probable reserves of 11 million barrels of oil. A further update onYousefieh Field estimated gross reserves will be provided at the beginning ofthe second quarter 2010. First oil from Yousefieh is anticipated early in April 2010. Production willcommence from 2 wells, Yousefieh-1 and Yousefieh-3, at an expected initialcombined rate of up to 1000 barrels of oil per day ("bopd"). Production from the wells will be closely monitored to assess flow performanceand to determine whether the Yousefieh reservoir benefits from the same strongaquifer pressure support as is observed in the nearby Khurbet East Field. Thecurrent expectation is that the Yousefieh field has lower reservoir energy thanKhurbet East and planning is underway to install permanent down-hole artificiallift equipment in both Yousefieh wells later in the year. In addition, a furtherdevelopment well on Yousefieh is planned for 2010. It is anticipated that production from the Yousefieh Field will reach a rate ofapproximately 6000 barrels of oil per day by 2012. Ric Malcolm, Gulfsands CEO, said "We are delighted to have received the Syrian Government's early confirmation ofdevelopment approval for the Yousefieh field and now look forward to commencingproduction as soon as practicable. The early production data obtained willprovide valuable information that will assist us in optimizing the developmentof the field." This release has been approved by Richard Malcolm, Chief Executive of GulfsandsPetroleum Plc who has a Bachelor of Science degree in Geology with 30 years ofexperience in petroleum exploration and management. Mr. Malcolm has consented tothe inclusion of the technical information in this release in the form andcontext in which it appears. Gulfsands Petroleum (London) +44 (0)20 7434 6060 Richard Malcolm, Chief Executive Officer Kenneth Judge, Director of Corporate Development & +44 (0)7733 001 002 Communications Buchanan Communications Limited (London) +44 (0)20 7466 5000 Bobby Morse Ben Romney RBC Capital Markets (London) +44 (0)20 7653 4000 Josh Critchley Matthew Coakes Brett Jacobs Martin Eales ABOUT GULFSANDS: Gulfsands is listed on the AIM market of the London Stock Exchange. Syria Gulfsands owns a 50% working interest and is operator of Block 26 in North EastSyria. The Khurbet East oil field was discovered in June 2007 and commencedcommercial production within 13 months of the discovery. This field is producingat an average gross production rate of approximately 17,300 barrels of oil perday through an early production facility. Block 26 covers approximately 8,250square kilometres and encompasses existing fields which currently produce over100,000 barrels of oil per day, and are operated mainly by the Syrian PetroleumCompany. The current exploration license expires in August 2010 and isextendable for a further two years. Gulfsands' working interest 2P reserves inSyria at 31 December 2008 were 35.2 mmbbls. Iraq Gulfsands signed a Memorandum of Understanding in January 2005 with the Ministryof Oil in Iraq for the Maysan Gas Project in Southern Iraq, following completionof a feasibility study on the project, and is negotiating details of adefinitive contract for this regionally important development. The project willgather, process and transmit natural gas that is currently a waste by-product ofoil production and as a result of the present practice of gas flaring,contributes to significant environmental damage in the region. The Company isactively engaged in discussions with respect to financing and potential equitypartners. Gulfsands has no reserves in Iraq. Gulf of Mexico, USA The Company owns interests in 44 blocks comprising approximately 138,000 grossacres offshore Texas and Louisiana, which include 30 producing oil and gasfields with proved and probable working interest reserves at 31 December 2008 of5.1 mmboe. Certain statements included herein constitute "forward-looking statements"within the meaning of applicable securities legislation. These forward-lookingstatements are based on certain assumptions made by Gulfsands and as such arenot a guarantee of future performance. Actual results could differ materiallyfrom those expressed or implied in such forward-looking statements due tofactors such as general economic and market conditions, increased costs ofproduction or a decline in oil and gas prices. Gulfsands is under no obligationto update or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise, except as required by applicable laws. More information can be found on the Company's website www.gulfsands.com [HUG#1376924]
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